Masai GB Ltd, the UK arm of comfort footwear brand MBT, has fallen into administration.
Chris Laughton and Peter Godfrey-Evans of Mercer & Hole were appointed as joint administrators of the business last Thursday.
This follows the bankruptcy in Switzerland of the group’s parent company, Masai Marketing & Trading AG, on May 7.
The administrators will now work with the company’s management and staff to sell the business and/or its assets.
Laughton said: “Our present intention is that the company’s retail stores will continue to operate.
“The appointment of Mercer & Hole as administrators coincides with the start of MBT’s four-week summer sale promotion. This should improve the prospects for the business and will help us do the best we can for creditors.”
At the time that Masai Marketing & Trading AG filed for bankruptcy a spokesman for MBT UK told Drapers that the UK arm of the business remained solvent and would continue to trade as normal via its 100 wholesale stockists and eight standalone stores.
There will be more on the administration of MBT in this Friday’s issue of Drapers.